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Growing Demand for IoT Smart Vending Machines

We live at a time when the needs of people are growing asymmetrically with time and keep changing quickly. This demands a nimble-footed and flexible mindset. One such innovation is for vending machines that can dispense or deliver the desired products automatically without manual intervention. Vending machines aren’t new, but they’ve seen high diversification in the use cases in recent times. The global vending machine market is growing at a CAGR of 13% and expected to reach over US$ 146.6 Bn. by 2027. [1]

Vending Electronics and Beyond

This growing demand for flexibility and social distancing norms in recent times is increasing the adoption of vending machines at workplaces, shopping complexes, airports, metros, and other places to automatically deliver products. Snack and beverage combination vending machines contribute approximately 88% of the vending machines market. However, with evolving technology and increasing needs, the vending machines are no more limited to only foods, but it’s seeing increasing adoption of selling electronics, medicines, healthcare consumables, and many other products. They’re also capable of having automatic track of the inventory so that it can be properly restocked as needed.

Robotic Kiosks

These traditional machines are becoming smarter with the integration of new-age technologies such as the Internet of Things (IoT) and artificial intelligence (AI). They’re equipped with high-definition displays having rich graphics and the ability to interact with the customer’s smartphone as well. These smart vending kiosks are also equipped with an integrated circuit card reader and near field communications (NFC) for non-contact data transactions.

A camera and microphone are integrated to enable quick and convenient interaction with the machine. These features allow humans to have a more personalized interaction through video and voice. It’s also assisted by laser, ultrasonic, and bump sensors in case it needs to navigate. The kiosks can take orders, help customers to make selections by touch screen, accept payments, and finally give a receipt. The global installed base of connected vending machines reached an estimated 4.2 Mn. units in 2019 and is forecasted to reach 8.9Mn. units by 2024. [2]

Future of Automated Retailing

The disruption in vending machines with AI & IoT technologies is showing a new emerging opportunity towards automated retailing. This industry will witness significant and disruptive innovations from unmanned kiosks to fully unattended groceries. The retail automation market is expected to grow up to $23.5 Bn. by 2025. Constant innovation and technology development aligning with shifts in consumer behavior is likely to pave way for more on-the-go solutions. [3]

Backed by 40 Years of Expertise

We contribute our 40 years of design and manufacturing expertise spanning multiple diverse markets, and we look forward to discussing how we can deliver world-class products for OEMs across the globe. Syrma has always stayed as a thought leader in the space of innovation and has shown its expertise in the design and manufacturing of coffee vending machines, home automation & IoT enabled products like smart metering systems, remote locking, intelligent lighting, fire detection sensors, and heating, ventilation & air conditioning (HVAC) space as well.

We understand our Indian market and we’re very familiar with its vast regulatory and selling environments. We also assist global OEMs seeking to enter the Indian market by leveraging the local supply chain and favorable operating environments for cost reductions.

To learn more about this topic, please contact us.

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